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Fitch upgrades, withdraws ratings on SunTrust following BB&T deal completion

Fitch Ratings upgraded the long-term issuer default ratings of SunTrust Banks Inc. and unit SunTrust Bank to A+ from A-.

The ratings had been on positive watch, and the outlook is stable.

Subsequently, Fitch withdrew the ratings, reflecting the completion of SunTrust Banks' and BB&T Corp.'s merger of equals to form Truist Financial Corp.

The upgrade reflects the rating agency's view that the deal will result in the combined entity performing in line with a higher rating level than SunTrust Banks' prior rating and risk profile.